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Accounting Exam 3 Study Guide (got 94% in the course)

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Department
Accounting
Course
ACCT 2000
Professor
All Professors
Semester
Fall

Description
Waco BickhamAccounting Exam 3 Study GuideCHAPTER 14Managerial Accounting BasicsDistinguishing FeaturesoApplies to all types of business service merchandising and manufacturingoApplies to all forms of business organizations proprietorship partnership and corporationsoApplies to notforprofit as well as profitoriented companiesoResponsible for strategic cost managementComparing Managerial and Financial AccountingSimilaritiesoBoth deal with economic events of a businessoBoth require economic events be quantified and communicated to interested partiesDifferencesFinancialManagerialExternal UsersPrimary UsersInternal UsersFinancial StatementsInternal ReportsTypes and FrequencyQuarterly and As frequently as AnnuallyneededGeneral PurposePurposeSpecialpurposeBusiness as a wholeSubunits of businessHighly CondensedVery DetailedDoubleEntry and ContentBeyond Double Entrycost dataRelevance to Generally AcceptedDecisionsVerificationNo Independent Audited by CPAAuditsManagement FunctionsPlanningoLook ahead and establish objectivesoKey objective add value to the business
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